https://www.taxtmi.com/caselaws?id=121944 The Tribunal upheld the validity of reopening the assessment under section 147 of the Income-tax Act for the assessment year 1996-97, stating it was based on facts and evidence submitted by the assessee. However, the Tribunal accepted the assessee's argument regarding the taxation of interest received on a gross basis instead of a net basis, finding that the income assessed under section 143(3) was higher than the income declared under the VDIS scheme. The Tribunal concluded that the addition made by the Assessing Officer was not sustainable on merits, partially allowing the appeal. en-us Wed, 30 Apr 2008 00:00:00 +0530 Tue, 07 Aug 2012 14:09:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121944 The Tribunal upheld the validity of reopening the assessment under section 147 of the Income-tax Act for the assessment year 1996-97, stating it was based on facts and evidence submitted by the assessee. However, the Tribunal accepted the assessee's argument regarding the taxation of interest received on a gross basis instead of a net basis, finding that the income assessed under section 143(3) was higher than the income declared under the VDIS scheme. The Tribunal concluded that the addition made by the Assessing Officer was not sustainable on merits, partially allowing the appeal. Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121944